{"id":495191,"date":"2022-07-08T15:47:28","date_gmt":"2022-07-08T15:47:28","guid":{"rendered":"https:\/\/wncen.com\/?p=495191"},"modified":"2024-06-11T14:21:25","modified_gmt":"2024-06-11T14:21:25","slug":"bitcoin-bearish-weekly-momentum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bearish-weekly-momentum\/","title":{"rendered":"Why Weakening Bearish Bitcoin Momentum Could Give Bulls The Upper Hand"},"content":{"rendered":"<p>Bitcoin price has <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-weekly-rsi-oversold-history\/\">taken a beating<\/a> over the last several months, resulting in the worst quarterly close since 2011. The bearish momentum has been brutal as crippling contagion spreads across the cryptocurrency market.<\/p>\n<p>However, bearish momentum on weekly timeframes has begun to weaken, providing bulls with their first opportunity to capitalize in some time.<\/p>\n<h2>Bitcoin Bearish Weekly Momentum Begins To Weaken, Can Bulls Capitalize?<\/h2>\n<p>In the real world, momentum is the measure of velocity and mass. In finance, the term <a href=\"https:\/\/www.investopedia.com\/terms\/m\/momentum.asp#:~:text=Momentum%2C%20finance%2C%20refers%20to%20the,volume%20and%20other%20technical%20indicators.\" target=\"_blank\" rel=\"noopener nofollow\">describes<\/a> the rate of speed at which an asset&#8217;s price changes. Considering that Bitcoin price plummeted from above $60,000 to $20,000 in a matter of six months, bearish momentum has been a force to be reckoned with.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-weekly-rsi-oversold-history\/\">Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/a><\/strong><\/em><\/p>\n<p>However, on weekly timeframes, the first signs of waning bearish momentum have been spotted.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-495193 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/BTCUSD_2022-07-08_11-18-01.png?resize=860%2C396\" alt=\"BTCUSD_2022-07-08_11-18-01\" width=\"860\" height=\"396\"><\/p>\n<pre style=\"text-align: center\">Bearish momentum is weakening according to the LMACD histogram | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>On the <a href=\"https:\/\/wncen.com\/topic\/macd\/\">MACD<\/a> histogram, bearish momentum is weakening as can be seen by the histogram changing from red to pink.<\/p>\n<p>The current situation is not an all-clear signal. Momentum will only be considered bullish when the histogram passes the zero line and turns green.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-495194 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/BTCUSD_2022-07-08_11-22-23.png?resize=860%2C396\" alt=\"BTCUSD_2022-07-08_11-22-23\" width=\"860\" height=\"396\"><\/p>\n<pre style=\"text-align: center\">A green signal isn't always a worthwhile buy | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>As the chart above demonstates, turning green doesn&#8217;t always confirm significant upside. So why then might bulls want to consider the current setup? As the saying goes, &#8220;when in doubt, zoom out.&#8221;<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-monthly-lower-bollinger-band-bottom\/\">Bitcoin Monthly Tags Lower Bollinger Band, Tool&#8217;s Creator Hints At Bottom<\/a><\/strong><\/em><\/p>\n<p>Upon zooming out, bearish weekly momentum waning becomes more significant when you consider the level at which the shift in momentum is occurring. The weekly MACD is currently giving a reading of -0.20. Past bear market bottoms came in a fraction of a point below at -0.21.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-495195 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/BTCUSD_2022-07-08_11-24-54.png?resize=860%2C396\" alt=\"BTCUSD_2022-07-08_11-24-54\" width=\"860\" height=\"396\"><\/p>\n<pre style=\"text-align: center\">Momentum is turning where past bottoms have been put in | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>This is still no guarantee that bulls will regain the upper hand. However, could a third bottom at this level end up being the charm crypto holders were hoping for? Bulls will need to capitalize on the potential momentum shift, and follow through \u2013 pushing the histogram into the green.<\/p>\n<p>Reclaiming $29,000 would be a strong first step, but given the potential of a recession ahead, investors would likely need more convincing at a return to $50,000 or above.<\/p>\n<p>If bearish momentum returns before the week is over and pushed the histogram into the red, bulls can forget about a rally for a little while longer.<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has taken a beating over the last several months, resulting in the worst quarterly close since 2011. The bearish momentum has been brutal as crippling contagion spreads across the cryptocurrency market. However, bearish momentum on weekly timeframes has begun to weaken, providing bulls with their first opportunity to capitalize in some time. Bitcoin Bearish Weekly Momentum Begins To Weaken, Can Bulls Capitalize? In the real world, momentum is the measure of velocity and mass. In finance, the term describes the rate of speed at which an asset&#8217;s price changes. Considering that Bitcoin price plummeted from above $60,000 to $20,000 in a matter of six months, bearish momentum has been a force to be reckoned with. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? However, on weekly timeframes, the first signs of waning bearish momentum have been spotted. Bearish momentum is weakening according to the LMACD histogram | Source: BTCUSD on TradingView.com On the MACD histogram, bearish momentum is weakening as can be seen by the histogram changing from red to pink. The current situation is not an all-clear signal. Momentum will only be considered bullish when the histogram passes the zero line and turns green. A green signal isn&#8217;t always a worthwhile buy | Source: BTCUSD on TradingView.com As the chart above demonstates, turning green doesn&#8217;t always confirm significant upside. So why then might bulls want to consider the current setup? As the saying goes, &#8220;when in doubt, zoom out.&#8221; Related Reading | Bitcoin Monthly Tags Lower Bollinger Band, Tool&#8217;s Creator Hints At Bottom Upon zooming out, bearish weekly momentum waning becomes more significant when you consider the level at which the shift in momentum is occurring. The weekly MACD is currently giving a reading of -0.20. Past bear market bottoms came in a fraction of a point below at -0.21. Momentum is turning where past bottoms have been put in | Source: BTCUSD on TradingView.com This is still no guarantee that bulls will regain the upper hand. However, could a third bottom at this level end up being the charm crypto holders were hoping for? Bulls will need to capitalize on the potential momentum shift, and follow through \u2013 pushing the histogram into the green. Reclaiming $29,000 would be a strong first step, but given the potential of a recession ahead, investors would likely need more convincing at a return to $50,000 or above. If bearish momentum returns before the week is over and pushed the histogram into the red, bulls can forget about a rally for a little while longer. Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":495198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,84235,2849,3029,4524],"class_list":["post-495191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-lmacd","tag-macd","tag-momentum","tag-xbt"],"acf":[],"yoast_head":"\n<title>Bitcoin Bearish Weekly Momentum Begins To Weaken<\/title>\n<meta name=\"description\" content=\"Bitcoin price has taken a beating over the last several months, resulting in the worst quarterly close since 2011. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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